Markets
Market Trend Meme Coins Buck to Lead New Week’s Rally
Crypto Price Prediction: On Tuesday, the crypto market did not witness any major changes in its broader sentiment, with a 2% drop in Bitcoin Price to $61,600 indicated the continuation of the prevailing consolidation.
Defying the sluggish market momentum, meme coins are off to an impressive start this week, characterized by a notable entry into the sector’s top assets. According to data from Coinmarketcap, the total market capitalization of top meme tokens is $53.1 billion, reflecting an intraday increase of 4.6%. Furthermore, the 24 hours of these tokens recorded $8.7 billion, recording a growth of 142.8%.
This surge highlights the potential for meme assets to provide significant movement despite uncertain market sentiment.
Read too: Meme Coin Party Begins After GameStop Rally and Adds $5 Billion to Index
Crypto Price Prediction: Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that emerged as a meme coin but has since evolved to include several projects aimed at establishing a robust ecosystem. Initially created as an Ethereum-based ERC-20 token, it has gained significant attention and adoption, often considered a rival to Dogecoin.
Shiba Inu (SHIB) | Trading view
Amid the current market correction, Shiba Inu has been trading sideways for the past seven weeks, resonating on two converging trend lines. This dynamic resistance and support compressing the SHIB Price in a narrow range indicates the formation of the symmetrical triangle pattern.
This Shiba Inu coin is currently trading at $0.0000236 and has a market value of $840.8. With the asset price near the apex of the triangle pattern, a breakout of either of them is imminent.
A potential bullish breakout will release the build-up of bullish momentum and push Shiba Inu price towards $0.00003285.
Read too: Shiba Inu Coin Price Analysis: Reasons Why SHIB Is Poised to Hit $0.0001 in 2024
Dogwifehat (WIF)
Dog hat (WIF) is a memecoin based on the Solana blockchain, characterized by its light-hearted and community-focused nature. Despite its lack of functional utility, Dogwifhat’s appeal lies largely in its communal and speculative aspects, driven by its unique theme of a Shiba Inu dog wearing a hat.
Dog Hat (WIF) | Trading view
Similar to the SHIB price, Dogwifhat has been witnessing a consolidation trend over the past six weeks in the formation of a symmetrical pattern. Currently, the WIF Price it trades at $3.03 and continues to witness supply pressure on the general trend line.
This long wick rejection on yesterday’s daily candle indicates that this memecoin may prolong its current consolidation. Currently, the Dogwifhat coin has a market value of US$3 billion, and trading has risen 124% to US$705 million since yesterday.
A potential breakout of the pattern’s upper boundary will accelerate buying pressure and reinforce a renewed rally to $4.86.
Read too: Shiba Inu vs PEPE: Which Memecoin ERC 20 to Buy
Floki
Floki is a multifaceted cryptocurrency project that stands out for its community-driven approach and ambitious public service projects. Initially inspired by a tweet from Elon Musk about his dog named “Floki”, the token has grown to become a significant ecosystem in the cryptocurrency space.
Floki | Trading view
O Floki Coin It has recently entered a recovery phase, with its price recovering from a support level of $0.000109 in mid-April. Demonstrating an uptrend, the coin has formed three consecutive highs, boosting its value by 76% to a current trading price of approximately $0.0001934.
Amid a general surge in the cryptocurrency meme market, Floki has experienced a significant 21% increase in just the last two days. Consequently, its market capitalization has increased to $1.846 billion and its trading volume has increased by 77.6% today, reaching $526 million.
This price movement marks a decisive breakout of a two-month corrective downtrend, potentially setting the stage for buyers to retest the previous high of $0.00031.
Main advantage
The crypto market has been trading sideways over the past two weeks, with the price of Bitcoin hovering around $60,000. However, this consolidation has witnessed occasional spikes, and fast-moving sectors like meme cryptocurrency offer excellent opportunities in intraday and short-term trends.
Related articles